Sharjah-based Crescent Petroleum Companyhas signed a memorandum of understanding (MoU) covering the development of the Missan area in the south. Under the deal, Crescent will carry out a $1 million field appraisal and exploration study. The Missan area is home to the Amara and Nur fields, which have total production capacity of about 100,000 barrels a day (b/d) is produced. Crescent has also announced that it had completed detailed studies for the Ratawi oil field. Located north of the Rumaila field, it is estimated to hold reserves of 2,000 million barrels with a peak production potential of 200,000 b/d. The Sharjah-based firm is the field operator and plans major investments in the concession. ‘We have undertaken detailed negotiations for a $1,000 million field development programme,’ a Crescent statement said.

K Petroleum Company (KPC), a subsidiary of the local/Canadian Heritage Erbil Oil, has also signed a MoU with the Oil, Gas & Petrochemical Establishment (OGE) of the government of Kurdistan covering field development studies in the north. Heritage Erbil is a joint venture of Canada’s Heritage Oil Corporationand the local Eagle Group.

Under the deal, KPC will carry out data collection, field mapping and gravity survey of a concession adjacent to the Taq Taq oil field. KPC also plans to start negotiations with OGE for a production sharing agreement.